Core Viewpoint - Silver Wheel Co., Ltd. reported a strong performance in its 2025 mid-year financial results, with significant year-on-year growth in revenue and net profit, despite a decrease in profit margins [1][3]. Financial Performance - The company's total revenue reached 7.168 billion yuan, a year-on-year increase of 16.52% [1]. - The net profit attributable to shareholders was 441 million yuan, up 9.53% year-on-year [1]. - In Q2 2025, total revenue was 3.751 billion yuan, reflecting a 17.89% increase compared to the same quarter last year [1]. - The net profit for Q2 was 229 million yuan, an 8.3% increase year-on-year [1]. - The gross profit margin was 19.25%, down 3.61% from the previous year, while the net profit margin was 6.97%, down 3.34% [1]. - Total operating expenses were 481 million yuan, accounting for 6.71% of revenue, a decrease of 6.56% year-on-year [1]. Balance Sheet Highlights - Accounts receivable increased to 4.981 billion yuan, a 17.24% rise year-on-year, with accounts receivable to net profit ratio at 635.71% [1][3]. - Interest-bearing liabilities rose to 4.101 billion yuan, an increase of 14.35% [1]. - Cash and cash equivalents were reported at 2.241 billion yuan, a slight decrease of 1.48% [1]. Earnings Per Share and Cash Flow - Earnings per share (EPS) increased to 0.53 yuan, a 6.0% rise year-on-year [1]. - Operating cash flow per share was 0.5 yuan, reflecting a 16.74% increase [1]. - The net asset value per share was 7.79 yuan, up 10.12% year-on-year [1]. Investment Insights - The company has a Return on Invested Capital (ROIC) of 9.65%, indicating average capital returns [3]. - Analysts expect the company's performance in 2025 to reach 1.043 billion yuan, with an average EPS forecast of 1.25 yuan [3]. - Notably, a prominent fund manager has increased their holdings in the company, indicating confidence in its growth potential [3]. Fund Holdings - The largest fund holding Silver Wheel is the Southern CSI 1000 ETF, which has increased its position [4]. - Other funds, including Huaxia and GF, have also raised their stakes in the company [4]. Product Development - The company has established a product system focusing on four key areas: data centers, energy storage, charging and swapping, and low-altitude flying vehicles [5]. - In the data center sector, the company has developed a range of liquid cooling products, with some already entering the market [5].

- The report does not contain any quantitative models or factors for analysis

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating a positive trend in its operational efficiency and market demand [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 7.168 billion yuan, a year-on-year increase of 16.52%, and a net profit attributable to shareholders of 441 million yuan, up 9.53% year-on-year [1][2]. - The gross margin for the first half of 2025 was 19.25%, a decline of 1.98 percentage points year-on-year, with quarterly gross margins of 19.79% in Q1 and 18.75% in Q2 [2]. - The sales, management, and R&D expense ratios were 1.62%, 5.05%, and 3.86%, showing year-on-year decreases of 1.00, 0.22, and 0.74 percentage points, respectively [2]. Segment Performance - The passenger vehicle segment generated revenue of 3.834 billion yuan, reflecting a year-on-year growth of 20.49%, with a sales growth rate of 12.95% [2]. - The commercial vehicle and non-road segments reported revenue of 2.426 billion yuan, a year-on-year increase of 3.90%, with domestic commercial vehicle sales growth of 2.56% [2]. - The digital and energy thermal management segment contributed 692 million yuan in revenue, a significant year-on-year increase of 59.08%, accounting for 9.65% of total revenue, up 2.58 percentage points [3]. Strategic Developments - The company is expanding its product offerings in the digital and energy sector, with new projects expected to generate an additional annual sales revenue of 637 million yuan upon mass production [3]. - In the data center field, the company has developed a comprehensive liquid cooling product layout and is making progress in customer expansion with a 3+3+N client strategy [3]. - The company has established a joint venture to focus on agile robotics and is collaborating with several universities to enhance its competitive edge through a rich ecosystem of embodied intelligence [3]. Investment Outlook - The company is projected to achieve net profits of 1.054 billion yuan, 1.333 billion yuan, and 1.659 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 34.54%, 26.50%, and 24.39%, respectively [4]. - The closing price on August 27, 2025, corresponds to price-to-earnings ratios of 29.59x, 23.39x, and 18.81x for the years 2025, 2026, and 2027 [4].

Core Viewpoint - The company reported a revenue of 7.168 billion yuan for H1 2025, representing a year-on-year increase of 16.52%, and a net profit attributable to shareholders of 441 million yuan, up 9.53% year-on-year [1] Group 1: Financial Performance - The company's performance is generally in line with expectations [2] - The automotive business showed steady growth, with China's vehicle production and sales reaching 15.621 million and 15.653 million units respectively, up 12.5% and 11.4% year-on-year [2] - Passenger vehicle revenue for H1 2025 was 3.834 billion yuan, accounting for 53.48% of total revenue, with a year-on-year increase of 20.48% [2] - Commercial vehicle and non-road business revenue was 2.426 billion yuan, making up 33.84% of total revenue, with a year-on-year increase of 3.89% [2] Group 2: Business Growth Areas - The digital and energy business experienced rapid growth, with revenue reaching 692 million yuan, a year-on-year increase of 58.94% [3] - The company has established a 4+N product system focusing on data centers, energy storage, charging and swapping, and low-altitude aircraft [3] - In the robotics sector, the company has made significant progress in R&D and has formed strategic partnerships to enhance its competitive edge [3] Group 3: Future Projections - The company is expected to achieve revenues of 15.898 billion, 19.120 billion, and 22.424 billion yuan from 2025 to 2027, with net profits of 1.138 billion, 1.466 billion, and 1.680 billion yuan respectively [4] - Earnings per share (EPS) are projected to be 1.36, 1.76, and 2.01 yuan for the same period, with price-to-earnings (PE) ratios of 28, 22, and 19 times [4]

银轮股份（002126.SZ）系列点评八 2025H1 业绩符合预期 具身智能加速布局 2025 年 08 月 27 日 ➢ 事件概述。公司披露 2025 年半年度报告，公司 2025H1 营收 71.7 亿元， 同比+16.5%；归母净利 4.4 亿元，同比+9.5%；公司 2025Q2 营收 37.5 亿元， 同比+17.9%，环比+9.8%；归母净利 2.3 亿元，同比+8.3%，环比+7.8%。 ➢ 2025H1 业绩符合预期 盈利能力保持稳健。1）营收端：公司 2025Q2 实 现营业收入 37.5 亿元，同环比稳健向上，我们认为主要同比增量来自新能源汽 车热管理业务及数字能源业务订单陆续释放。2）利润端：公司 2025Q2 毛利率 为 18.8%，同比-2.1pcts，环比-1.0pcts，预计主要受产品年降及关税影响，归 母净利润为 2.3 亿元，同环比均增长 9.5%，主要原因为：新能源汽车热管理与 数字能源业务订单陆续释放，营收同比实现稳健增长，同时规模效应进一步强化。 3 ） 费 用 端 ： 公 司 2025Q2 销 售 / 管 理 / 研 发 / 财 务 费 用 率 为 1.8%/4.9 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 银轮股份（002126.SZ） 经营稳健向上，第三、四发展曲线接力成长 事件：公司发布 2025H1 业绩报告。2025H1，公司营收 71.7 亿元，同比 +17%；归母净利润 4.4 亿元，同比+10%。2025Q2，公司营收 37.5 亿 元，同比+18%，环比+10%；归母净利润 2.3 亿元，同比+8%，环比+8%。 公司经营稳健向上，数字能源业务高增长。分业务看，2025H1，1）乘用 车：国内新能源车销量达 694 万台，同比超 40%。公司业务收入 38 亿元， 占比 53%，同比+20%，毛利率 15%，同比-2pct；2）商用车及非道路： 国内商用车销量 212 万台，同比+3%。公司业务收入 24 亿元，占比 34%， 同比+4%，毛利率 24%，同比+1pct；3）数字能源：全国可再生能源新 增装机 3 亿千瓦，同比+99%，且中国 2025 年 80%绿电要求倒逼能效升 级，叠加 AI 算力年增 200%+，液冷变为生存项。公司业务收入 7 亿元， 占比 10%，同比+59%，呈高增长趋势。 内 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 7.16 billion CNY, representing a year-on-year growth of 16.52% [4] - The passenger vehicle segment saw a revenue increase of 20.48%, with new energy vehicles growing by 26.8% [4] - The commercial vehicle and non-road segment's revenue grew by 3.89%, with new energy commercial vehicles increasing by 66% [4] - The digital and energy business revenue surged by 58.94% [4] - Export revenue accounted for approximately 25.94% of total revenue, showing a gradual increase [4] Group 2: Profitability and Margins - The gross margin for the first half of 2025 was 19.25%, slightly down by 0.72% year-on-year due to domestic passenger vehicle margin decline [4] - The net profit for the second quarter was 228 million CNY, with the non-recurring net profit reaching a historical high of 216 million CNY [4] - North America revenue reached 788 million CNY, with a net profit of over 34 million CNY, nearing the total profit for the entire year of 2024 [4] - The European segment turned profitable, with expectations of achieving overall profitability for the year [4] Group 3: Cost Management - Selling expenses increased slightly due to overseas customer expansion costs, while management expenses showed a continuous decline [4] - Financial expenses significantly decreased, primarily due to exchange gains from the appreciation of the CNY against the Euro [4] Group 4: Future Outlook - The company maintains its annual revenue target at 15 billion CNY, with expectations for net profit to improve in the second half of the year [4] - The growth is supported by stable growth in the automotive sector, the ramp-up of digital energy liquid cooling business, and future robotics business expansion [4] Group 5: Product Development - The liquid cooling division has established a product system focused on data centers, energy storage, charging and swapping, and low-altitude aircraft [5] - The humanoid robotics division has developed a product system that includes key modules and components, with significant progress in market expansion and product development [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a robust performance in the first half of 2025, with revenue reaching 7.168 billion yuan, a year-on-year increase of 16.52%, and a net profit attributable to shareholders of 441 million yuan, up 9.53% year-on-year [2] - The growth in the passenger vehicle segment, driven by the rapid development of the new energy vehicle industry, is a key growth driver [3] - The digital energy business is accelerating, opening new growth opportunities [4] - The company's global expansion efforts have shown significant results, with improved profitability in overseas markets [5] - Short-term profitability is under pressure, but the company continues to invest in research and development [6] - The company is strategically positioning itself in the robotics sector, aiming to create a new growth curve [7] Summary by Sections Passenger Vehicle Business - The passenger vehicle segment generated revenue of 3.834 billion yuan, a year-on-year increase of 20.48%, accounting for 53.48% of total revenue [3] - The rapid growth of the new energy vehicle market, with a penetration rate of 44.3% in the first half of 2025, has contributed to this growth [3] - The company secured over 200 new projects during the reporting period, expected to generate an additional annual revenue of 5.537 billion yuan upon reaching full production [3] Digital Energy Business - Revenue from the digital energy segment reached 692 million yuan, a significant increase of 58.94% year-on-year [4] - The company has successfully expanded into data centers, energy storage, and other fields, with new projects expected to generate an additional annual revenue of 637 million yuan [4] Global Expansion - The company's overseas revenue reached 526 million yuan in Europe, up 43.76% year-on-year, and 1.108 billion yuan in North America, up 7.24% year-on-year [5] - The North American operations achieved a net profit of 34.43 million yuan, while the new factory in Poland turned profitable, indicating a significant improvement in overall profitability [5] Profitability and R&D Investment - The gross margin for the first half of 2025 was 19.25%, a decrease of 1.98 percentage points year-on-year [6] - The company invested 277 million yuan in R&D, accounting for 3.86% of revenue, to support technological leadership and new business development [6] Robotics Sector - The company is proactively developing humanoid robots and has established a product system focusing on key components and solutions [7] - Significant progress has been made in product development and partnerships, enhancing the company's market presence [7] Financial Forecast - The company is expected to achieve revenues of 16.03 billion yuan, 18.88 billion yuan, and 21.57 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.048 billion yuan, 1.251 billion yuan, and 1.503 billion yuan [9][11]

Core Viewpoint - Pension funds are actively investing in the secondary market, appearing in the top ten circulating shareholder lists of 113 stocks by the end of the second quarter, with a total holding of 1.01 billion shares valued at 20.83 billion yuan [1][2]. Group 1: Pension Fund Holdings - By the end of Q2, pension funds held a total of 1.01 billion shares across 113 stocks, with a combined market value of 20.83 billion yuan [1]. - The largest holding was in Haiyou Development, with the Basic Pension Insurance Fund 808 Combination being the fifth largest circulating shareholder, holding 52.10 million shares [1][2]. - The second largest holding was in Mingtai Aluminum, with the Basic Pension Insurance Fund 802 Combination as the third largest circulating shareholder, holding 45.00 million shares [1][2]. Group 2: Stock Performance and Industry Distribution - Among the stocks held by pension funds, 55 had a market value exceeding 100 million yuan, including Chuangfeng Power, Lanxiao Technology, and Jiuli Special Materials [1]. - The highest net profit growth among the stocks was seen in Rongzhi Rixin, which achieved a net profit of 14.24 million yuan, a year-on-year increase of 2063.42% [2]. - The distribution of stocks held by pension funds includes 80 on the Main Board, 9 on the Sci-Tech Innovation Board, and 24 on the Growth Enterprise Market, with a concentration in the basic chemical and machinery equipment sectors [2]. Group 3: Detailed Holdings - The top holdings by pension funds include: - Haiyou Development: 52.10 million shares, a 5.68% increase, representing 0.51% of circulating shares [2]. - Mingtai Aluminum: 45.00 million shares, a 5.17% decrease, representing 3.69% of circulating shares [2]. - Jiuli Special Materials: 36.04 million shares, a 0.28% increase, representing 3.77% of circulating shares [2]. - Other notable holdings include: - Shun'an Environment: 36.00 million shares, a 28.57% increase, representing 3.93% of circulating shares [2]. - Hongfa Shares: 28.22 million shares, a 64.93% increase, representing 1.93% of circulating shares [2].

养老金视角，本期较上一季度持股减少的养老金基金共计1个，即基本养老保险基金一零零三组合，持 股减少占比小幅下跌。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年8月27日，银轮股份(002126.SZ)发布2025年半年度报告。截至2025年8月26日，共有77个机构投 资者披露持有银轮股份A股股份，合计持股量达1.55亿股，占银轮股份总股本的18.58%。其中，前十大 机构投资者包括宁波正晟企业管理合伙企业(有限合伙)、基本养老保险基金一零零三组合、全国社保基 金四零六组合、香港中央结算有限公司、全国社保基金一一六组合、中国石油天然气集团公司企业年金 计划-中国工商银行股份有限公司、中汇人寿保险股份有限公司-传统产品、招商银行股份有限公司-南方 中证1000交易型开放式指数证券投资基金、澳门金融管理局-自有资金、华夏中证1000ETF，前十大机 构投资者合计持股比例达14.51%。相较于上一季度，前十大机构持股比例合计下跌了1.69个百分点。 对于社保基金，本期较上一期持股增加的社保基金共1个，即全国社保基金四零六组合，持股增加占比 小幅上涨。。本期较上一季度持股减少的社 ...